Bitcoin has recorded fresh gains coming into the new week. The new injection revives many investor’s wishes to get back above $10K. Last week prices plunged, seeing the asset wipe out more than 6% of its value to drop below $9,500.
By doing so, the asset broke two crucial supports, $10K and $9,500. Fortunately, before the asset could fall as far as $9K, the asset found support above $9,400. This was followed by a bounce-back above $9,500.
During the weekend, Bitcoin recorded marginal gains that further saw it climb above $9,600. At the time of press, the asset is still green and looking more purposeful. The asset has recorded a 2% rise and successfully climbed above $9,700.
The start of a new week most often sees new gains for the market and though Bitcoin has taken a slow approach, we could see this dramatic change in the next few hours or days.
Bitcoin Targets $10K As Altcoins Also Record Recovery
Although Bitcoin’s dominance is above 69.5%, altcoins are not being left out. Several altcoins are recording marginal gains. Ethereum, for example, has managed to climb above $170 after dropping to $168 by the end of last week.
Others like Bitcoin Cash, Bitcoin SV and Monero are recording higher gains of up to 5%. If this pattern persists, it could mark the return of the altseason and could further see some of the altcoins climb closer to their all-time highs.
While most investors remain optimistic that prices will recover from last week’s drop there is a sense of hesitation. Most analysts have been calling the recent drop a buying opportunity, but are investors really buying? Daily trading volume has been dropping to as low as $10 billion for Bitcoin and at the time of press is just above $11 billion.
This is a sign of exhaustion from the investors and while they are not selling as they believe prices will get above $10K, there is a sense of a ‘wait and see’ attitude in the market.
If this is going to change, there needs to be a catalyst. The U.S-China trade war is a prime candidate for this especially given the new month sees new tariffs take effect. In the days to come, the Bakkt futures contract launch could also offer a huge boost as institutional investors join in.